We are encouraged to see the issuance of this permit. Geophysical surveys are the critical first step to better understanding the resource base and providing policy makers and regulators the information they need to make informed decisions.
Houston, TX (PRWEB) July 14, 2015
IAGC today announced that member company, ARKeX, is set to conduct the first oil and gas exploration survey in the Atlantic Outer Continental Shelf (OCS) in more than 30 years. ARKeX is a geophysical company that acquires non-seismic geophysical data using Full Tensor Gravity Gradiometry (FTG) and licenses these products to oil and gas companies. FTG data is a complement to seismic imaging data and does not replace the much needed seismic process.
FTG surveys measure minute variations in the Earth’s gravitational field and in this instance will be acquired from a fixed wing aircraft with flight paths and flight heights that are generally the same as planes that currently fly banners up and down the Atlantic coastline.
IAGC President, Nikki Martin, said, “We are encouraged to see the issuance of this permit. Seismic and other geophysical surveys have been safely conducted in the U.S. and around the globe for over 50 years. They are the critical first step to better understanding the resource base and providing policy makers and regulators the information they need to make informed decisions. Only modern geophysical surveys can provide such data. ARKeX’s survey will be a significant step in exploring the Atlantic, but its efforts alone will not be sufficient. Therefore, we urge the Administration to work quickly and efficiently to process the remaining survey permit applications and allow the remaining surveys to proceed.”
The last Atlantic OCS oil and gas geophysical surveys were conducted from 1973- 1984. However, non-oil and gas geophysical surveys have been conducted periodically in Atlantic OCS over the past 50 years. These same types of surveys are also used for other purposes such as scientific research and placement of offshore renewable energy facilities.
Geophysical companies also provide the data from survey activities to the Bureau of Ocean Energy Management (BOEM) for its use in evaluating the OCS resource base, ensuring it receives fair market value when it leases OCS lands, and makes the many conservation decisions required of the Bureau as it administers its obligations under the OCS Lands Act.
The remaining Atlantic applications have been pending review since July 2014.
It is anticipated the ARKeX survey will commence later this year.
IAGC is the international trade association representing the industry that provides geophysical services (geophysical data acquisition, seismic data ownership and licensing, geophysical data processing and interpretation, and associated service and product providers) to the oil and gas industry.